AI Coins and Big Data Tokens Market Cap Rises to $42.1 Billion
Meme coins have gained significant attention during the recent crypto market rally, while AI coins and Big Data tokens have experienced a 130% increase in their collective market cap over five months. This growth coincided with Bitcoin surpassing $90,000 to reach a new all-time high (ATH).
The combined market cap of AI coins and Big Data tokens has reached $42.1 billion, driven by the momentum from Bitcoin's bull run. The leading performers in this sector include Near Protocol (NEAR), Internet Computer (ICP), and Render (RENDER).
Factors such as increased investor confidence in Bitcoin, overall positive market sentiment, and expectations of regulatory clarity have contributed to the rally in AI coins.
Throughout 2024, AI coins and Big Data tokens generally followed Bitcoin's trends. Their market cap peaked at $45 billion in March 2024, coinciding with Bitcoin reaching $74,000. However, following a correction in Bitcoin's price, the AI sector's market cap fell over 50%, dropping to $18.5 billion in June.
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Courtesy: Coinmarketcap
As Bitcoin's price reversed its downward trend since June, AI coins began to recover, bringing the industry's market cap back to $42.1 billion. The AI sector is on track to exceed its previous record of nearly $45 billion, potentially achieving a new ATH by the end of November.
Notable AI tokens with a market cap above $1 million include The Graph (GRT), Bittensor (TAO), Artificial Superintelligence Alliance (FET), Akash Network (AKT), Injective (INJ), and Theta Network (THETA).
AI Coins' Recognition in the Crypto Market
AI coins have gained substantial popularity in 2024, driven by rallies in NVIDIA and other AI firms that brought the industry into focus. Despite a market cap of $42.1 billion, this represents only 1.36% of the total crypto market cap of $3.09 trillion.
The overall crypto market remains resilient, with Bitcoin maintaining levels above $91,000. Altcoins like Solana (SOL), XRP (XRP), and Cardano (ADA) experienced significant rallies, suggesting potential for an altseason. However, Ethereum's price needs improvement for broader sector growth.